Industrial Revolution Flashcards
Define the Industrial Revolution
1750-1900
Period when economy changed from an agricultural to a factory based system
What Revolution preceded the Industrial Revolution in Britain?
The Agrarian Revolution
What was the population in Britain in 1750?
6 million
What was the population of Britain in 1811?
18 million
What was the population of Britain in 1850?
27 million
What did the ‘Wealth of Nations’ propose?
Free market and laissez-faire economics to promote economic growth
Who wrote the ‘Wealth of Nations’ and when did he write it?
Adam Smith in 1776
Why is banking considered to be a cause of the Industrial Revolution?
Because it funded business ventures and start-ups
Why did the Newcomen steam engine and the Spinning Jenny kickstart the Industrial Revolution?
Because the engine was the prototype for steam-powered factories and the Spinning Jenny revolutionised the textile industry
How many banks had been established by 1784?
119
How many banks had been established by 1800?
800
Why was banking seen to be secure in Britain?
Because the exchange of receipts or bills for gold deposits was the beginning of paper currency
What were county banks allowed to do alongside city banks in 1797?
Issue bank notes / paper currency
What was removed from small country banks in 1826 to enable them to grow into joint stock banks?
A cap on banks to give them the right to issue notes
What was the name of the first joint stock bank?
Lancashire Banking Company - 1826